Question

The government decides to place a tariff on platinum imports because it determines that mining practices abroad are not as strictly regulated as they are domestically. The microprocessor industry is facing stiff competition from abroad, so the government decides to install a temporary tariff to allow the industry to become more competitive against its foreign competitors. Phil works as a foreman in an auto manufacturing plant. After a downturn in the economy, his plant is being shut down and all of the manufacturing is being relocated to Fiji. Otis heads a steel mining operation and hears that his company plans to move his job overseas. He argues that they should keep the company domestic because its operations provide materials for the country's domestic defense. Answer Bank

Answer 1

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